Compania de Minas Buenaventura SAA (BVN) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Compania de Minas Buenaventura second-quarter 2025 earnings results conference call. (Operator Instructions) And please note that this call is being recorded. I would now like to introduce your host for today's call, Mr. Sebastian Valencia, Head of Investor Relations. Mr. Valencia, you may begin.

女士們、先生們，早安。歡迎參加米納斯布埃納文圖拉公司 2025 年第二季財報業績電話會議。（操作員指示）請注意，此通話正在錄音。現在，我想介紹今天電話會議的主持人、投資者關係主管塞巴斯蒂安·瓦倫西亞先生。瓦倫西亞先生，您可以開始。

Good morning, everyone, and thank you for joining us today to discuss our second-quarter 2025 results. Today's discussion will be led by Mr. Leandro Garcia, Chief Executive Officer. Also joining our call today and available for your questions are Mr. Daniel Dominguez, Chief Financial Officer; Mr. Juan Carlos Ortiz, Vice President of Operations; Mr. Aldo Massa, Vice President of Business Development and Commercial; Mr. Alejandro Hermoza, Vice President of Sustainability; Mr. Renzo Macher, Vice President of Projects; Mr. Juan Carlos Salazar, Vice President of Geology and Explorations; and Mr. Raul Benavides, Director.

大家早安，感謝您今天加入我們討論我們的 2025 年第二季業績。今天的討論將由執行長 Leandro Garcia 先生主持。今天參加電話會議並回答您問題的還有財務長 Daniel Dominguez 先生、營運副總裁 Juan Carlos Ortiz 先生、業務發展和商務副總裁 Aldo Massa 先生、永續發展副總裁 Alejandro Hermoza 先生、專案副總裁 Renzo Macher 先生、地質與勘探副總裁 Juan Carlos Salazar 先生以及董事 Raul Benavides 先生。

Before I hand the call over, let me second touch on a few items. On Buenaventura's website, you will find our press release that was posted yesterday after the market close. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions. While management believes that its assumptions, expectations and projections are reasonable in view of the currently available information. You are cautioned not to place undue reliance on these forward-looking statements. I encourage you to read the full disclosure concerning the forward-looking statements within the earnings results press release issued on July 24, 2025.

在轉交電話之前，請容許我再次談幾點。在 Buenaventura 的網站上，您可以找到我們昨天收盤後發布的新聞稿。請注意，今天的評論包括基於管理層當前觀點和假設的前瞻性陳述。儘管管理層認為，根據目前可用的信息，其假設、預期和預測是合理的。請注意不要過度依賴這些前瞻性陳述。我鼓勵您閱讀 2025 年 7 月 24 日發布的收益結果新聞稿中有關前瞻性陳述的完整揭露。

Let me now turn the call over to Mr. Leandro Garcia.

現在，我將把電話轉給萊安德羅·加西亞先生。

Thank you, Sebastian. Good morning to all and thank you for joining us today to discuss the quarterly results of the company. On slide 2 is our cautionary statement. Important information that I encourage you to read.

謝謝你，賽巴斯蒂安。大家早安，感謝大家今天加入我們討論公司的季度業績。第二張投影片是我們的警告聲明。我鼓勵您閱讀的重要資訊。

Today, we will be discussing our performance for the second quarter of 2025 highlighting key achievements and strategies moving forward. After the presentation, we will be able for our Q&A session, where our team will be happy and eager to answer your questions.

今天，我們將討論 2025 年第二季的業績，重點介紹主要成就和未來策略。演示結束後，我們將進行問答環節，我們的團隊將很高興並渴望回答您的問題。

Continuing with the next slide, please. I would like to highlight a few key areas that contribute to our strong second-quarter 2025 results. Our EBITDA in the second-quarter 2025 from direct operations was $130 million compared to $107 million reported in the second quarter of 2024. Our net income in the second quarter of 2025 was $91 million compared to the $71 million in the net income in the second quarter of 2024. In the second quarter of 2025, silver production reached 3.6 million ounces, 11% lower compared to the 4 million ounces produced during the same period in last year, mainly due to lower production at Yumpag, Tambomayo and Julcani.

請繼續下一張投影片。我想強調促成我們 2025 年第二季業績強勁的幾個關鍵領域。我們 2025 年第二季直接營運的 EBITDA 為 1.3 億美元，而 2024 年第二季報告的 EBITDA 為 1.07 億美元。我們 2025 年第二季的淨收入為 9,100 萬美元，而 2024 年第二季的淨收入為 7,100 萬美元。2025年第二季度，白銀產量達到360萬盎司，比去年同期的400萬盎司下降了11%，主要原因是Yumpag、Tambomayo和Julcani的產量下降。

Copper production increased 28% year-over-year, primarily due to holded operation at El Brocal in the second quarter of 2024, and it was related to the impact on copper ore processing during the period. Gold production was 27,345 ounces compared to 33,819 ounces produced in the second quarter of 2024, primarily due to decreased production at Tambomayo and Orcopampa and partially offset by the increased production at La Zanja and El Brocal.

銅產量年增28%，主要由於2024年第二季El Brocal停止運營，也與該期間銅礦石加工受到的影響有關。黃金產量為 27,345 盎司，而 2024 年第二季的產量為 33,819 盎司，這主要是由於 Tambomayo 和 Orcopampa 的產量下降，但 La Zanja 和 El Brocal 的產量增加部分抵消了這一影響。

In the second-quarter 2025, Buenaventura initiated the sale of part of the Cerro Verde's copper concentrate, approximately 20,000 metric tons have been sold by the quarter's end, out of a total of approximately 40,000 metric tons expected for the full year 2025. Cerro Verde announced a new dividend distribution of $59 million on July '24, corresponding to Buenaventura's equity share. These dividends will be distributed in August, resulting in a total of $108 million.

2025 年第二季度，布埃納文圖拉開始出售部分 Cerro Verde 銅精礦，截至本季末已售出約 20,000 公噸，預計 2025 年全年總銷量約為 40,000 公噸。2024 年 7 月，Cerro Verde 宣布派發新股息 5,900 萬美元，與 Buenaventura 的股權份額相對應。這些股息將於8月發放，總額為1.08億美元。

The total CapEx for the quarter amounted to $107 million, with $82 million allocated to the San Gabriel project. The second quarter ended with a cash position of $589 million and a total debt of $860 million, resulting in a leverage ratio of 0.56x. Finally, on July 23, Buenaventura redeemed the remaining $149 million of its 2026 bond.

本季的總資本支出為 1.07 億美元，其中 8,200 萬美元分配給聖蓋博計畫。第二季末，Buenaventura 的現金狀況為 5.89 億美元，總債務為 8.6 億美元，槓桿率為 0.56 倍。最終，Buenaventura 於 7 月 23 日贖回了其 2026 年債券剩餘的 1.49 億美元。

Moving on to our cost structure in slide 4. The all-in sustaining cost expressed in terms of copper for the second quarter of 2025, increased by 63% compared to the same period in the previous year. It is important to highlight that year-over-year increase in all-in sustaining costs was primarily driven by lower by-product credits. Moving on to the cost applicable to sales trend.

繼續討論投影片 4 中的成本結構。2025年第二季以銅表示的總維持成本與去年同期相比成長了63％。值得強調的是，整體維持成本的年增率主要是由於副產品信用額度減少所致。繼續討論適用於銷售趨勢的成本。

As you can see, copper cash increased mainly due to slightly lower grades. Silver cash increased in line with the potentials due to lower production at Julcani, Tambomayo and Yumpag compared to the previous year. Gold Cash has increased, primarily driven by lower volumes and rates at Tambomayo and Orcopampa.

如您所見，銅現金價格上漲主要是因為銅品位略有下降。由於 Julcani、Tambomayo 和 Yumpag 的產量與前一年相比有所下降，銀價也隨之上漲。黃金現金增加，主要原因是坦博馬約和奧爾科潘帕的交易量和利率下降。

On the next slide, we will present the free cash flow generation. The second-quarter 2025 cash position decreased during the quarter, mainly driven by net cash outflows from investing activities and dividends paid to our shareholders. The $49 million in dividends received from Cerro Verde are reflected in the operating cash flow. This dividend was received in April. In addition to these drivers, the EBITDA, the free cash flow reconciliation reflects Buenaventura's significant CapEx investments related to San Gabriel.

在下一張投影片中，我們將展示自由現金流的產生。2025 年第二季的現金狀況在本季有所下降，主要原因是投資活動產生的淨現金流出和向股東支付的股利。從 Cerro Verde 收到的 4,900 萬美元股息反映在經營現金流中。該股息於四月收到。除了這些驅動因素之外，EBITDA、自由現金流調節反映了布埃納文圖拉與聖蓋博相關的大量資本支出投資。

Moving on to slide 6. This slide shows San Gabriel cumulative progress reaching 88% overall completion by the second quarter of 2025, primarily driven by finishing the engineering and the procurement as well as the construction is at 86% of advance.

繼續看投影片 6。這張投影片顯示，聖蓋博的累計進度到 2025 年第二季將達到 88% 的整體完成度，這主要得益於工程和採購的完成，而且施工進度已達到 86%。

Second-quarter 2025 CapEx related to San Gabriel was $82 million as of March 2025 San Gabriel -- as of June, sorry, 2025, San Gabriel total CapEx has reached $588 million. We anticipate commencing the ramp-up pace in the third quarter of 2025, followed by the production of the first gold bar in the fourth quarter of 2025. However, these milestones remain subject to the timely approval to the necessary permits. On the next slide, we are showing the processing plans progress. Currently, the primary pressure mechanical works are at 100%. The SAG and Ball mechanical works are at 100% also.

截至 2025 年 3 月，與聖蓋博相關的 2025 年第二季資本支出為 8,200 萬美元。截至 2025 年 6 月，聖蓋博的總資本支出已達 5.88 億美元。我們預計將於 2025 年第三季開始加速生產，並於 2025 年第四季生產第一根金條。然而，這些里程碑仍然取決於必要許可證的及時批准。在下一張投影片中，我們將展示處理計畫的進度。目前，一次壓力機械運轉率已達100%。SAG 和 Ball 機械工程也達到 100%。

And finally, the CIL tanks mechanical works are at 98%. Moving on, we can see the progress of the main components of the plan. Moving on to slide 9. We are showing the progress at the filter tailings plant that currently is at 87%.

最後，CIL 罐的機械工作完成度達到 98%。接下來，我們可以看到該計劃主要組成部分的進展。移至幻燈片 9。我們正在展示過濾尾礦廠的進度，目前已達 87%。

To conclude the presentation, I would like to share a few final thoughts. First, we are committed to our strategy, a stable and continuous production of our flagships. We are making programs with the premiumization efforts to increase throughput and are continuously evaluating our operating portfolio. Exploration is part of our DNA. We are fully committed to extending the life of mine of our assets through continuous exploration effort.

為了結束本次演講，我想分享幾點最後的想法。首先，我們致力於我們的策略，穩定、持續地生產我們的旗艦產品。我們正在製定優質化計劃來提高吞吐量，並不斷評估我們的營運組合。探索是我們 DNA 的一部分。我們致力於透過持續的勘探努力延長礦山資產的使用壽命。

Third, we maintain our financial stability. Consistent with our commitment to the market, we redeemed the remaining 2026 notes. And finally, San Gabriel project achieved at 88% overall progress. Meeting our planned targets. We remain on schedule to deliver our first gold bar by the fourth quarter of 2025.

第三，保持金融穩定。根據我們對市場的承諾，我們贖回了剩餘的 2026 年票據。最終，聖蓋博計畫整體進度達88%。達到我們計劃的目標。我們將按計劃於 2025 年第四季交付第一根金條。

Thank you for your attention, and I will hand the call back to the operator to open the line for questions. Operator, please go ahead.

感謝您的關注，我會將電話交回給接線員，以便解答您的疑問。接線員，請繼續。

(Operator Instructions) Carlos De Alba, Morgan Stanley.

（操作員指示）Carlos De Alba，摩根士丹利。

A few questions on San Gabriel. First one is can you provide a little bit more color on the pending permits? And where are you in the process? I mean, we're already in the third quarter? Have you had any conversations with the authorities. Do you believe you're going to get them on time to have the first bar produced in the fourth quarter. So yes, more details would really help.

關於聖蓋博的幾個問題。首先，您能否提供更多有關待批許可證的詳細資訊？您目前處於什麼階段？我的意思是，我們已經進入第三季了？您是否與當局進行過對話？您是否相信您能夠準時讓他們在第四季生產第一批金條？是的，更多的細節確實會有幫助。

The second point on question on (inaudible). Just on CapEx, how much more investment is required in the second half of 2025? And what is the expected, if any, disbursement in 2026? And then finally, can you comment on the pace of the expected ramp-up with first metal hopefully being produced in the fourth quarter, when do you expect to get to full capacity?

關於問題的第二點（聽不清楚）。就資本支出而言，2025 年下半年還需要多少投資？如果有的話，2026 年的預計支出是多少？最後，您能否評論一下預期產量成長的速度？第一批金屬預計在第四季生產出來，您預計什麼時候能達到滿載生產？

Thank you, Carlos. Thank you for your questions. For the first -- the question asking for your question asking for repermit, we actually have invited the authorities to visit the plant around September. We are going in advance with this because there is only a very simple permit that is the actual permit to begin the throughput, the production there. We don't foresee a greater risk in that permit.

謝謝你，卡洛斯。感謝您的提問。對於第一個問題——關於您提出的重新許可的問題，我們實際上已經邀請當局在九月左右參觀該工廠。我們提前進行這項工作，因為只需要一個非常簡單的許可證，就可以開始在那裡進行生產。我們預計該許可證不會帶來更大的風險。

We have to consider that for the countries the only project that is going to be beginning production will be inaugurated in this year. And I think it is important to show that good news for the country. In terms of CapEx, maybe -- it's -- the total CapEx, we are still in the same level we announced in our last conference, we have not increased any additional CapEx. It will end around $750 million.

我們必須考慮到，對於這些國家來說，唯一即將開始生產的項目將在今年啟動。我認為向國家傳達這個好消息很重要。就資本支出而言，也許 - 它是 - 總資本支出，我們仍然處於上次會議上宣布的同一水平，我們沒有增加任何額外的資本支出。最終其價值將達到 7.5 億美元左右。

And maybe, Daniel, will give you more color on that. And finally, the ramp-up will take all the 2026, and we should stabilize after the ramp up in the production. We have announced that we will be between 100,000 ounces and 120. I don't know, Daniel, if you can take the answer.

丹尼爾，也許可以給你更多有關這一點的信息。最後，產量提升將持續整個 2026 年，產量提升後，我們應該能夠穩定下來。我們已經宣布產量將在 100,000 盎司至 120 盎司之間。我不知道，丹尼爾，你是否能接受這個答案。

Leandro, thank you. Carlos, basically, the total amount of the CapEx for San Gabriel will be in the order of $720 million to $750 millioin. And we have already disbursed close to $600 million as of June 2025. So what we expect is to disburse between $130 million and $160 million for the construction as the end of the year.

萊安德羅，謝謝你。卡洛斯，基本上，聖蓋博的資本支出總額將在 7.2 億美元至 7.5 億美元之間。截至 2025 年 6 月，我們已經支付了近 6 億美元。因此，我們預計今年底將為該建設項目撥款 1.3 億至 1.6 億美元。

Maybe, Juan, Carlos, Ortiz can give us more color or more ideas about the ramp-up that you asked, Carlos.

也許，胡安、卡洛斯、奧爾蒂斯可以為我們提供更多關於您所問的提升的細節或更多的想法，卡洛斯。

Carlos, yes. We are planning the detailed ramp-up in connection with the mine, the processing plant and the dry stacking facility for holding the tails. The mine is running okay. We have most of the equipment on the underground of already in Peru. We have two out of four fleets already delivered to the site.

卡洛斯，是的。我們正在規劃與礦場、加工廠和用於存放尾礦的乾堆設施相關的詳細提升計畫。該礦井運作正常。我們在秘魯的地下已經擁有了大部分設備。我們的四支車隊中已有兩支抵達現場。

We will complete the fleet by Epiroc by November. So we are okay with the production and mine development. The processing plant is progressing. You see in the presentation how we. But in October, we will start the wet commissioning with slurry.

我們將在 11 月前完成 Epiroc 車隊的建設。所以我們對生產和礦山開發都很滿意。加工廠正在建設中。您可以在演示中看到我們如何。但十月份，我們將開始使用泥漿進行濕式除錯。

So it's part of the process. And in network probably will lead to pass this debt. So we don't anticipate any major product, but no more than the usual ones to run a new facility of this process kind of processing.

所以這是過程的一部分。而在網路中很可能會導致這種債務的轉移。因此，我們預計不會有任何主要產品，但不會比運行這種製程處理的新設施的通常產品更多。

Next year, after the wet season in Peru, the wet season between January to March, April, we will assert the activity of filtering and trying tailings and placing these tailings in horizontal layers inside the tailor the dry stacking probably that's the activity that we will need to put a lot of emphasis because this is new for San Gabriel. It took a while to a few months to fight tune this process in Tambomayo.

明年，秘魯的雨季過後，也就是 1 月到 3 月、4 月之間的雨季，我們將開展尾礦過濾和處理工作，並將這些尾礦以水平層的形式放置在礦場內的干式堆垛處，這可能是我們需要重點關注的工作，因為這對聖蓋博來說是一個新項目。在 Tambomayo 中調整此流程需要一段時間到幾個月的時間。

So probably, we need to be more cautious and more conservative about the month telling that we can drive compact in the dry stacking facility, particularly because it's a V-shaped valley. So we need to start from the bottle -- so the area in the available area at the bottom is smaller. So it's going to be tricky to start ramping up production at the bottom of the valley. So we are taking care of the commissioning and the detail for the initial ramp-up of San Gabriel operation.

因此，我們可能需要對可以在乾堆設施中緊湊行駛的月份更加謹慎和保守，特別是因為它是一個 V 形山谷。所以我們需要從瓶子開始——這樣底部的可用面積就較小。因此，在谷底開始提高產量將會很棘手。因此，我們負責聖蓋博營運初期的調試和細節工作。

Just one follow-up maybe on that. When -- have you started mining already? Or when do you expect to start mining? Would you accumulate some inventories ahead of starting the plant?

對此可能還有一次後續行動。您是什麼時候開始挖礦的？或者您預計什麼時候開始挖礦？您會在工廠啟動前累積一些庫存嗎？

Yes. We already have around 100,000 tons of ore in the surface of about 3 grams. That would be the first material to be fed into the processing plant for the commissioning -- wet commissioning process. We already have in the order of 100,000 tons of ore in surface, right next to the processing plant.

是的。我們地表上已經有大約10萬噸礦石，重量約3克。這將是第一批被送入加工廠進行調試的材料——濕式調試過程。我們在加工廠旁的地表上已經有大約 10 萬噸礦石。

(Operator Instructions) Cesar Perez-Novoa, BTG Pactual.

（操作員說明）Cesar Perez-Novoa，BTG Pactual。

Yes. And congratulations for your results. I have two questions on (inaudible) while silver production increased in the quarter, the mine encountered a decrease in silver grades as it shifted extraction towards polymetallic stops. Has this already stabilized in the third quarter? Or are we going to see some shift later in the year towards bottom level stops. And would it be reasonable to assume that, that cost will improve in the second half?

是的。恭喜你所取得的成績。我有兩個問題（聽不清楚），雖然本季白銀產量增加，但由於礦場將開採轉向多金屬開採，白銀品位下降。第三季這種情況已經穩定下來了嗎？或者我們會在今年晚些時候看到向底部停止方向的轉變。那麼，是否可以合理地假設成本在下半年會有所改善？

And then my second question relates to local, the company mined higher ore in the second quarter. Is this strategically continuing for the rest of the year, conditioning, of course, on high copper prices? And how should we think about cost? And maybe you could tie that up with the commercialization of the Cerro Verde concentrated? And if that is improving the overall for your entire copper baskets. Those would be my questions.

我的第二個問題與當地有關，該公司第二季開採了更多的礦石。這種策略是否會在今年剩餘時間內持續下去，當然，這取決於銅價的高漲嗎？我們該如何考慮成本？也許您可以將其與 Cerro Verde 濃縮液的商業化聯繫起來？如果這能改善整個銅籃的整體狀況。這些都是我的問題。

Thank you, Cesar. Thank you very much for your questions. Well, the answer for El Brocal can be given by -- from Carlos. And the part of the commercialization of the concentrates, maybe Aldo can give us more color. Please, Juan Carlos.

謝謝你，塞薩爾。非常感謝您的提問。好吧，El Brocal 的答案可以由卡洛斯給出。而濃縮物商業化的部分，也許Aldo可以帶給我們更多的色彩。請，胡安卡洛斯。

Regarding Uchucchacua, as we mentioned in the comments of Uchucchacua in the quarter, we detect -- we have a monitoring system for seismic events in the mine. So we detect some seismic activity near our current operation area at the bottom of the mine. So we will be cautious about that. So we took all the people out of the area. We bring a consultant people on board to analyze all the data, and they recommend to do some additional backfilling, particularly with, solar retail, backfill.

關於 Uchucchacua，正如我們在本季度對 Uchucchacua 的評論中提到的那樣，我們檢測到——我們有一個用於監測礦井地震事件的系統。因此，我們在礦井底部目前作業區域附近偵測到了一些地震活動。因此我們會對此保持謹慎。所以我們把所有人都帶離了該地區。我們聘請了一位顧問來分析所有數據，他們建議做一些額外的補充，特別是太陽能零售的補充。

So we're bringing all the pipelines extend the network of pipelines to bring the wet tailings down to the bottom of the mine. That will be done in this quarter, the third quarter. And we will monitor what the effect of this bad feeling in that area by the fourth quarter if everything is stable, we will resume mining in the bottom part of the mine by the fourth quarter.

因此，我們將利用所有管道，擴大管道網絡，將濕尾礦輸送到礦井底部。這將在本季度，也就是第三季完成。我們將在第四季度監測該地區這種不良情緒的影響，如果一切穩定，我們將在第四季度恢復礦井底部的採礦。

It's important to mention that the bottom part of the mine only contributed with around 20% of the total -- total production of such -- so it's not a very sensitive area. It's a high grade, but it's kind of a small in proportion to the rest of the mine. We will continue ramping up production in other areas of Uchucchacua. So we expect to reach 2,000 tons per day throughput by the end of the year. But right now, we are close to 1,700 tonnes per day.

值得一提的是，礦井底部僅佔總產量的 20% 左右，因此它不是一個非常敏感的區域。它的品位很高，但與礦井的其他部分相比，它的品位還是比較小的。我們將繼續提高 Uchucchacua 其他地區的產量。因此我們預計到今年年底吞吐量將達到每天 2,000 噸。但目前，我們每天的產量接近 1,700 噸。

In doing that, moving from 1,700 to 2,000 tonnes per day, we expect to keep reducing cost -- operating costs in term of 10% by the end of the year. And this ramp-up will continue in 2026. So the idea is to get closer to '25, 3,000 tonnes per day. So that's pretty much the strategy in Uchucchacua Regarding El Brocal, we mine a slightly higher grades in the second quarter. We will continue to do that in the third and fourth quarter, but still in the order 45% copper. That's going to be our target copper production.

透過這樣做，從每天 1,700 噸增加到 2,000 噸，我們預計到今年年底，營運成本將降低 10%。這種成長勢頭將持續到 2026 年。因此我們的想法是接近『每天 25,3,000 噸』。這就是 Uchucchacua 的策略，關於 El Brocal，我們在第二季開採了稍高一點的品味。我們將在第三季和第四季繼續這樣做，但仍按45％的銅的順序進行。這將是我們的目標銅產量。

But what we are doing right now is trying to give it a higher priority to the mining blocks or the areas with high gold and silver content. So we are shifting a little bit more pressure on developing the blocks that have 1.45% copper, but at the same time, have higher gold and silver production. That will continue also for the rest of the year. That's pretty much what the strategy for El Brocal.

但我們目前正在做的是嘗試優先考慮採礦區塊或金銀含量高的地區。因此，我們將加大開發銅含量為 1.45% 的礦塊的壓力，但同時要提高金和銀的產量。這一狀況還將持續今年餘下的時間。這基本上就是 El Brocal 的策略。

I would assume that -- sorry, go ahead.

我認為——抱歉，請繼續。

I'm going to add the part of the concentrate of Cerro Verde as we have announced, we started the conversation of 40,000 tons of corporate concentrates of Cerro Verde. And everybody knows the market is very tight for this kind of anterior a very clean concentrate.

我將添加 Cerro Verde 精礦部分，正如我們已經宣布的那樣，我們開始討論 40,000 噸 Cerro Verde 企業精礦。大家都知道，這種前級非常乾淨的濃縮物市場非常緊張。

And of course, for us, it's a leverage to sell this concentrate with the other materials of Buenaventura. We already have received some improved terms to some of our core entrants and ideas to keep selling those concentrates in the next years in order to have better terms for our own material.

當然，對我們來說，將這種濃縮物與布埃納文圖拉的其他材料一起出售是一種優勢。我們已經向一些核心參與者提供了一些改善的條款，並計劃在未來幾年繼續銷售這些精礦，以便為我們自己的材料提供更好的條款。

All right. And just coming back, if you're tapping 1.45% grade in copper and you're also maximizing the gold and silver contract at El Brocal, I would assume that this is going to positively impact costs for the second half of the year. Am I making the correct assumption here?

好的。回到剛才，如果你開採 1.45% 品位的銅，並且還在 El Brocal 最大化黃金和白銀合約，我認為這將對下半年的成本產生積極影響。我在這裡做出的假設正確嗎？

Yes, on a cash basis and also on a cash cost basis, we have larger credits coming from gold and silver. The cost -- remaining cost of copper will be diluted or reduce it. Yes, we ring of that I don't have a particular number what target could be. But as a general concept, it will be positively impacting the cost on a copper basis.

是的，以現金和現金成本為基礎，我們從黃金和白銀中獲得的信用額度更大。成本－銅的剩餘成本將被稀釋或降低。是的，我們聽到了，但我不知道具體數字是多少。但從總體上看，它將對銅的成本產生積極影響。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Three questions. So my first question is on Cerro Verde. So I'm just trying to understand, Daniel, maybe you can help me on this one. This copper concentrate that you are purchasing, which is above and beyond the production that you get from Cerro Verde. How should I be thinking about this? Should I just be putting 20,000 tons through your revenue line for the second half of the year adjusted for treatment charges. Is that how I should be thinking about it? I just don't know how I should be modeling this sort of new -- top production, this material.

三個問題。我的第一個問題是關於塞羅韋爾德 (Cerro Verde) 的。所以我只是想了解一下，丹尼爾，也許你能在這件事上幫助我。您購買的銅精礦，其產量遠遠超出了 Cerro Verde 的產量。我該如何思考這個問題？我是否應該將下半年的 20,000 噸污水納入你們的收入範圍，並根據處理費用進行調整？我該這樣想嗎？我只是不知道我應該如何塑造這種新的——頂級的作品，這種材料。

Yes, Tanya. Thank you for attending our conference and for your question. This copper of Cerro Verde, it's back to back, almost. We -- Aldo, maybe you can help us with the color of this.

是的，Tanya。感謝您參加我們的會議並提出您的問題。這塊塞羅韋爾德 (Cerro Verde) 銅幣幾乎是背靠背的。我們——阿爾多，也許你可以幫我們確定這個的顏色。

Yes, Tanya, we already have sold 20,000 tonnes of dry metric tons of copper content in the first half and our idea is to sell 20,000 tonnes more in the second half. We bought from Freeport, Cerro Verde at benchmark. And the idea is to have some margins when we sell into the market to the spot market. But talking about prices and (inaudible) we are selling back-to-back. We don't have any issues on any risk in our sales to the final consumer.

是的，Tanya，我們上半年已經售出了 20,000 噸乾公噸銅，我們的想法是下半年再售出 20,000 噸。我們以基準價格從弗里波特的塞羅韋爾德 (Cerro Verde) 購買。我們的想法是，當我們向現貨市場銷售產品時，可以獲得一定的利潤。但談到價格和（聽不清）我們正在背對背銷售。我們在向最終消費者銷售產品時不存在任何風險。

The margin we can expect for this tonnage, it's around $2.4 million, $2.6 million, give us volume sales, but is not a big margin. You can model with $1.2 million each 10,000 tons approximately.

對於這種噸位，我們預期的利潤大約是 240 萬美元到 260 萬美元，雖然能帶來大量銷售，但利潤並不大。每 1 萬噸大約可以投資 120 萬美元。

If I may add, Tanya, the sales of these concentrates go to our revenue line and the purchase goes to the cost of sales. Of course, the sales have this margin of -- in this case, was $1.4 million. We expect something like that for the second half of the year as well. This margin will be seen at the sales level -- at the revenue level.

塔妮亞，如果我可以補充的話，這些濃縮物的銷售額計入我們的收入線，而購買額則計入銷售成本。當然，銷售額有這個利潤——在這個例子中是 140 萬美元。我們預計今年下半年也會出現類似的情況。這個利潤率將在銷售層面－收入層面反映出來。

Okay. I got that. And should I just be thinking -- I mean, I know this is -- I don't know how to model like for 2025 is okay. But is this a process that you're going to be continuing? Should I be thinking that this continues into 2026 as well?

好的。我明白了。我是否應該思考——我的意思是，我知道這是——我不知道如何為 2025 年建立模型。但你會繼續這個過程嗎？我是否應該認為這種情況也會持續到 2026 年？

Tanya, a contract for the next two years until the year '27, but we have to wait a little bit how we'll be in the market for the next years. This year, the difference between the benchmark and the spot was very high. We are not sure how big will be the next two years. Of course, the idea is that we will have a margin, but we are not sure.

塔妮婭，接下來的兩年合約將持續到 2027 年，但我們必須稍等片刻，看看接下來幾年我們將如何進入市場。今年基準和現貨的差距非常大。我們不確定未來兩年將有多大。當然，我們的想法是會有一定的餘地，但是我們並不確定。

Okay. No, that's helpful. And then my second question is understanding Trapiche. We haven't heard about this one for a while. I know that we were waiting for environmental permits in the second half of '25 and we were targeting a feasibility study for mid-'26. Can you review with me the timing of some of these parameters? And what exactly is happening at the asset?

好的。不，這很有幫助。我的第二個問題是了解 Trapiche。我們已經有一段時間沒有聽說過這個消息了。我知道我們在 25 年下半年等待環境許可證，我們計劃在 26 年中期進行可行性研究。您能和我一起回顧一下這些參數的時間嗎？那麼資產到底發生了什麼事？

Sure. Exactly, Tanya. We are in the process of concluding the questions -- additional questions we have received from the authorities. For the environmental strategy impact. And actually, the feasibility study will be finished in the third quarter half of the 2026, maybe Alejandro can give us more color about the permitting and event for the feasibility. Please go ahead.

當然。沒錯，Tanya。我們正在對當局提出的其他問題進行總結。對於環境戰略的影響。實際上，可行性研究將於 2026 年第三季完成，也許 Alejandro 可以為我們提供更多有關可行性許可和事件的詳細資訊。請繼續。

Yes, Leandro. Yes. As you mentioned, the environmental impact study is coming on track. You mentioned we are solving the final observations, and we're still on target to having this approved by the end of the year, we should not have any delays on that. That's in terms of the permission of course, we're also working on the the continuation of any other exploration activities, environmental permits related with that.

是的，萊安德羅。是的。正如您所說，環境影響研究正在按計劃進行。您提到我們正在解決最終觀察結果，並且我們仍計劃在年底前批准該提案，因此我們不應該對此有任何拖延。當然，這是就許可而言，我們還在努力繼續進行任何其他勘探活動以及與此相關的環境許可。

And in regards to the feasibility study. We just finished unloading the last 10 columns. Let's remember that this is a secondary office leaking product process. So it takes like 180 to 200 days. So we are currently processing that information and updating our geochemical models to have more clarity into asset consumption before starting to close the study the design, the feasibility of the signs and then start proceeding with the study estimates about how much can discuss to build and operate.

並涉及可行性研究。我們剛剛卸載完最後 10 列。讓我們記住，這是一個二次辦公室洩漏產品流程。所以大約需要 180 到 200 天。因此，我們目前正在處理這些資訊並更新我們的地球化學模型，以便在開始結束研究設計、標誌的可行性之前更清楚地了解資產消耗，然後開始進行研究估算，討論建造和運營需要多少資金。

Okay. All right. And then well -- I know you said that the end of feasibility Q3 of 26%. And obviously, you will file that to the market so we can see this feasibility study?

好的。好的。然後好吧——我知道你說過第三季的可行性是 26%。顯然，您會將其提交給市場，以便我們可以看到這項可行性研究？

Yes, we -- the pre-feasibility studies in the market as soon as we update as soon as we reach feasibility level, we will be updating the dynamic.

是的，我們－市場上的預可行性研究一旦更新，一旦達到可行性水平，我們就會更新動態。

Okay. Perfect. Look forward to getting that next year. And then my final question, of course, is on San Gabriel. And I'm looking at your time line on your slide 6, I see that you still have the tailings to do the water dam filter plant, yes, for power line connection and Obviously, the first gold pour, so all of that from Q3 into Q4.

好的。完美的。期待明年能夠實現這一點。當然，我的最後一個問題是關於聖蓋博的。我正在查看您第 6 張幻燈片上的時間線，我發現您仍然有尾礦用於水壩過濾廠，是的，用於電力線連接，顯然還有第一批黃金澆注，所以所有這些都從第三季度到第四季度。

I have a question for you. Number one, the stockpile, we were supposed to reach 300,000 tonnes by October of '25, grading 4.5% to 5%. Is this still a target? Because you just mentioned you only have 100 million tonnes. Sorry, 100,000 tonnes. Is that still correct?

我有一個問題想問你。第一，庫存，我們原本計劃在 1925 年 10 月達到 30 萬噸，品位為 4.5% 至 5%。這還是一個目標嗎？因為你剛才提到你只有 1 億噸。抱歉，10萬噸。這仍然正確嗎？

Yes. Well, this is -- there is a ramp-up coming. Juan Carlos can give you more detail about what we are thinking today.

是的。嗯，這是——即將出現一個上升趨勢。胡安·卡洛斯可以向您更詳細地介紹我們今天的想法。

We have 100,000 tons as of today by the end of June. The target we are reviewing that target. We are developing the mine. We're putting more effort on driving the tunnels like the rounds and the main galleries. Modestly investing too much money on building up a large stockpile. We have the opportunity to do so, but we are reviewing that in order to put more effort on deepening down the mine development instead of building a large stockpile on surface.

截至六月底，我們的庫存量已達 10 萬噸。我們正在審查的目標。我們正在開發該礦。我們正在投入更多精力來挖掘環形隧道和主巷道等隧道。適度投入過多資金來建立大量庫存。我們有機會這樣做，但我們正在審查，以便將更多精力放在深入礦山開發上，而不是在地面上建立大型庫存。

So we have every sign place, as I mentioned earlier, in order to put more pressure and try to bring more ore to the surface, but we rely that number probably will be smaller than that and start with maybe 200,000 in that or magnitude that will be equivalent of two months of stockpile in advance before starting the running on a continuous weigh the processing plant. So two months of stockpile is kind of enough for sure stockpiling of the early start of the commissioning process.

因此，正如我之前提到的，我們已經做好了一切準備，以便施加更大的壓力，並嘗試將更多的礦石帶到地面，但我們預計這個數字可能會小於這個數字，並且可能以 200,000 或相當於提前兩個月儲備的量級開始，然後才開始對加工廠進行連續稱重。因此，兩個月的庫存足以保證在調試過程初期進行儲備。

Okay. And then you are -- you have a very, very tight poor to commercial production. I think it's like a month or so, maybe two months, I don't know. Can you remind me your definition of commercial production? Is it 30 days at 60% of the mill capacity? What is your definition? So I understand how you're going to be able to do this quickly.

好的。然後你就——你的商業化生產面臨非常非常嚴格的限制。我認為大概一個月左右，也許兩個月，我不知道。可以提醒我你對商業生產的定義嗎？工廠產能 60% 時，生產時間為 30 天嗎？你的定義是什麼？所以我明白你如何能夠快速做到這一點。

Yes. We understand that the project is finished, when we we are working 20 days continuously, and we produce the 2 ore bars on gold bar.

是的。當我們連續工作20天，生產2塊金條礦條時，我們就知道工程完成了。

Okay. So 2 gold bars, 20 days continuous production. Okay.

好的。所以2根金條，連續生產20天。好的。

I don't know, (inaudible) do you want to --

我不知道，（聽不清楚）你想--

Yes, at 60x capacity which is --

是的，容量為 60 倍，即--

65. Sorry, exactly. 65 capacity, yes.

65.抱歉，確實如此。 65 容量，是的。

Okay. All right. And then -- so I guess my commercial production. And then my understanding is that it's going to take you one year to ramp up a very small operation. Can someone explain to me why it would take so long for such a small mine to ramp up?

好的。好的。然後——我猜是我的商業製作。我的理解是，你需要一年的時間才能完成一項非常小的業務。有人能解釋為什麼這麼小的礦井需要這麼長時間才能達到增產嗎？

No. During 2026, we are not going to take one year during 2026.

不。2026 年，我們不會在 2026 年花一年。

Okay. So how long will it take to get to steady state? So we pour the gold bars in Q4 in December. We're ramping up in 2026. When do we get to steady state?

好的。那麼要多久才能達到穩定狀態呢？因此我們在 12 月第四季鑄造了金條。我們將在 2026 年加速發展。我們什麼時候才能達到穩定狀態？

Well, the tailings, Juan Carlos playing the -- all the work that we have to make with the tailings. We have to work on having a process, a continuous process. And we estimate maybe in the second half of 2026, we can reach the target of 3,000 tonnes per day. I don't know, Juan Carlos, maybe you can give us more detail.

好吧，尾礦，胡安卡洛斯在玩——我們必須用尾礦做的所有工作。我們必須努力實現一個過程，一個連續的過程。我們估計也許到2026年下半年，我們就能達到每天3,000噸的目標。我不知道，胡安卡洛斯，也許您可以給我們更多細節。

Yes. There are three main components of San Gabriel, the mine, the processing plant, and the tailing facility. So the ramp-up for the mine and the ramp-up from the processing plant, as Leandro says is going to be achieved probably in the first half of 2026. The earlier, the better, we're pushing to do it faster. And the last component because they are in series, the last one is the compaction of the rightly in the dry stacking facility. The reservoir that we designed, and we build is a valley that is in shape. So the bottom part of the ball is very narrow.

是的。聖蓋博金礦主要由三個部分組成：礦山、加工廠和尾礦設施。因此，正如萊安德羅所說，礦場和加工廠的產能提升很可能將在 2026 年上半年實現。越早越好，我們正在努力加快速度。最後一個組件（因為它們是串聯的）是在乾堆設備中正確壓實的。我們設計、建造的水庫是一個形狀優美的山谷。所以球的底部非常窄。

So even if we have 3,000 tonnes per day in the mine and 3,000 tonnes per day processing capacity at the plant. We need to place 3,000 tonnes per day at the bottom of the valley. And the areas are very limited in there. So it's kind of tricky at the beginning to place all the tailings at that rate in that narrow area. Whenever -- as long as you are placing tailings, the area is growing layer by layer is making every layer good place, the area gets bigger because it's wider, the Valley 50 meters on top of the previous horizon.

因此，即使我們的礦場每天有 3,000 噸的生產能力，工廠每天有 3,000 噸的加工能力。我們需要每天將 3,000 噸放置在谷底。而且那裡的區域非常有限。因此，一開始將所有尾礦以這樣的速率放置在那麼狹窄的區域是有點棘手的。無論何時——只要你放置尾礦，面積就會逐層擴大，使每一層都成為好地方，面積會變得更大，因為它更寬，山谷比之前的地平線高出 50 公尺。

So it's something that we are going to gain layer by layer. So it's not -- probably on the long term is this kind of the main restriction that we have from the short term and until the point that we have reached certain areas in which we are -- we can install -- and today's dry tailings at the same rate of mine and the processing plant.

所以這是我們要逐層獲得的東西。所以，從長遠來看，這可能不是我們在短期內面臨的主要限制，直到我們到達我們所在地區的某些區域，我們可以安裝，今天的干尾礦可以與礦山和加工廠的相同速率生產。

Okay. So for some reason, I was under the impression some of those tailings were going back and underground of. I guess that's not. Okay.

好的。因此，出於某種原因，我以為其中一些尾礦會被送回地下。我想並非如此。好的。

There was an option in the past. But because it's tailings tags with a smaller cyanide content, we believe it's not safe to bring that thing back in the underground mine that has slightly seeding water and might generate a risk for people working on the ground.

過去有一個選擇。但因為是尾礦，氰化物含量比較少，我們認為把它帶回地下礦井是不安全的，因為地下礦井有少量的接種水，可能會對地面工作人員造成危險。

Okay. All right. That's where I think I lost my connection. I thought some of it was coming back Okay. So it's really a constraint by the Valley for tailings.

好的。好的。我認為我就是在那裡失去了聯繫。我以為其中一些會回來，好吧。因此，這確實是山谷對尾礦的限制。

And once you get through a certain height, right, I guess you've got to get through that very narrow area. You build it up to a certain high once it's a certain height, it should be easier than for you to go. So sometime in the quarter -- right, we are going to be at a steady state.

一旦你達到一定的高度，對，我想你必須穿過那個非常狹窄的區域。你把它建到一定的高度，一旦它達到一定的高度，你再去會容易得多。因此，在本季度的某個時候——對，我們將處於穩定狀態。

That's correct.

沒錯。

Ladies and gentlemen, with that, we will be concluding today's audio question-and-answer session. I would like to turn the floor back over to Sebastian Valencia, Head of Investor Relations for any webcast questions.

女士們、先生們，今天的音頻問答環節就到此結束。我想將發言權交還給投資者關係主管塞巴斯蒂安·瓦倫西亞 (Sebastian Valencia)，以回答有關網絡直播的任何問題。

Thank you, operator. The first questions come from Omar Ariane of BCcompas.

謝謝您，接線生。第一個問題來自 BCcompas 的 Omar Ariane。

Can you comment on the impact of the road blockades in the mining ops and particularly when tras operations? And regarding Cerro Verde, the company announced a $100 million dividend. Do we have established the use of those proceeds.

您能否評論一下道路封鎖對採礦作業，特別是運輸作業的影響？至於 Cerro Verde，該公司宣布派發 1 億美元的股息。我們是否已確定這些收益的用途？

Thank you, Mar. Well, we actually, we have no major problems in the stock -- the blockage of roads in our operations. We have been working continuously. And regarding the share dividend, well, it comes along with all the -- all our cash generation, and we should use these resources for continuous CapEx, investing in our explorations and why not evaluate a possible dividend for our shareholders.

謝謝你，Mar。嗯，實際上，我們的庫存沒有遇到大問題——我們的運營中沒有道路堵塞。我們一直在持續努力。至於股票股息，它伴隨著我們所有的現金產生，我們應該利用這些資源進行持續的資本支出，投資於我們的探索，為什麼不評估一下我們股東可能的股息呢。

At this time, there are no further questions. I would like to turn the call over to the operator.

目前，沒有其他問題。我想將電話轉接給接線生。

Thank you. That concludes the question-and-answer session of today's conference call. I would like to turn it back over to management for any closing remarks.

謝謝。今天的電話會議問答環節到此結束。我想將發言權交還給管理階層，請他們做最後的總結發言。

Well, thank you very much for the time and effort to dedicated to joining us today, your participation and your inputs are greatly appreciated. Thank you again, and have a wonderful day. Thank you.

好吧，非常感謝您今天花費時間和精力來參加我們的活動，我們非常感謝您的參與和投入。再次感謝您，祝您有美好的一天。謝謝。

Ladies and gentlemen, that concludes Buenaventura's second-quarter 2025 earnings results conference call. We would like to thank you again for your participation. You may now disconnect.

女士們，先生們，布埃納文圖拉 2025 年第二季度收益結果電話會議到此結束。我們再次感謝您的參與。您現在可以斷開連線。